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Wednesday, April 25, 2007

Charges

You can't pick up a paper these days without said paper complaining about bank charges or highlighting some "champion" who has got his/her charges refunded from the nasty bank.

Now correct me if I'm wrong but an authorised overdraft is money you've never had and given that many banks don't charge you it is in effect an interest free loan. So you can have an overdraft of £500, pay nothing, stick it in your ISA, and get 6% interest. Sounds good to me.

My bank doesn't charge me for any services and pays me 4% interest so i f I go overdrawn I expect to be hammered.

What annoys me with these "champions" is that they think they should be allowed to go over their approved overdraft and nothing should happen except a rap on the knuckles. Well I'm sorry but its your account MANAGE IT! If you go overdrawn then who is to blame? You are! Take some responsibility.

This is yet another instance of people who moan about the nanny state but as soon as they get hurt they run around nannies skirt. Pathetic.

7 comments:

Cherrypie said...

I'm sorry, Pete. I'll try harder next time.

*hangs head in shame*

Actually, I do agree with your sentiments and have always taken the charges stoically on the chin.

Pete said...

and so you should my girl. gets all parental ;)

nicola said...

not saying a word!

Cherrypie said...

In that case, while you're in parent mode, can you lend me a tenner and I'll need a lift from the nightclub on Friday. Is it alright if we drop Lorraine, Eva and Jill off on the way? x

Pete said...

go to your room. you are grounded

Anna said...

I agree there should be charges, but banks are known to be a bit unfair with them.

I do think it's unreasonable to charge £25 to send a letter saying you're £1 overdrawn. They should reflect the actual administrative costs involved.

But I guess banks don't want people who don't have much money anyway, so they have to try to get something out of them somehow!

My brother's had charges in the past because although the cash machine said his student loan had gone though and he had money in the account, it actually hadn't. He took out some cash, and got charged £50.

Diddums said...

I think what they're complaining about is that the banks are overcharging. And someone who's already in trouble will be driven deeper into trouble, very fast, by the bank.